The demand for RLUSD stablecoin skyrockets as crypto markets become more volatile. Meanwhile, the co-founder of Axelar delves into the practical usage of Ripple's XRP.
The adoption and demand for RLUSD stablecoin, a cryptocurrency that is pegged to the US dollar, have been observed to spike in response to volatility in the crypto markets. Many crypto enthusiasts are turning to stablecoins as a safe harbor amid the fluctuating value of other cryptocurrencies.
The Rising Demand for RLUSD Stablecoin
The demand for RLUSD stablecoin has shown a substantial increase. Stablecoins, such as RLUSD, offer a level of stability that is often sought after in the tumultuous world of cryptocurrency. These digital currencies maintain their value by being pegged to a stable asset like the US Dollar. The sudden surge in demand for the RLUSD stablecoin can be primarily attributed to its perceived safety compared to other volatile cryptocurrencies.
Related: Ripple Gearing up for Stablecoin Release by 2024
With the crypto market showing signs of volatility, investors are looking for alternatives to mitigate risk. This scenario creates a perfect environment for stablecoins to thrive. RLUSD, in particular, is gaining significant traction due to its stability, transparency, and a lower likelihood of regulatory crackdown compared to other stablecoins.
Axelar Co-founder Talks About XRP’s Utility
In other news, the co-founder of Axelar, a cross-blockchain communication platform, has noted the practical use of Ripple’s XRP. Despite the ongoing legal issues faced by Ripple with the Securities and Exchange Commission (SEC), XRP has maintained its popularity among crypto users.
Related: XRP Accumulation Skyrockets to a 5-Year High: In-depth Analysis
Axelar co-founder, who is a notable figure in the blockchain community, expressed his belief in the potential and usability of XRP. He stated that XRP’s advantage lies in its speed and low transaction costs, making it a suitable choice for cross-border payments.
Furthermore, Ripple’s On-Demand Liquidity (ODL) service, which utilizes XRP, allows money to be sent and converted into any currency in a matter of seconds. This service has established XRP as a preferred choice for remittance services and banks globally, further strengthening its place in the crypto market.
While the future of XRP is still somewhat uncertain due to the legal issues with the SEC, the Axelar co-founder’s comments underscore the growing interest and belief in the utility of this digital asset.
Related: XRP Emerges As Crypto Market Leader with 17% Surge: Exploring The Causes Behind The Spike
Conclusion
In conclusion, the recent surge in the demand for the RLUSD stablecoin is a clear indicator of the increasing need for stability in the volatile crypto market. Meanwhile, Ripple’s XRP continues to demonstrate its utility, backed by support from key figures in the blockchain industry.
Despite the influx of new and promising cryptocurrencies, stablecoins and digital assets like XRP that offer unique advantages continue to hold their ground, reflecting the maturity and diversity of the crypto market.
